Stock market highlights: After opening lower, the Sensex and Nifty are recovered in the morning trade on Thursday morning. The Sensex is up about 108 points to 39,139.14, while the Nifty is trading above the 11,750-mark.

Jet Airways shares closed 12% lower at 134.85 after reports indicated that bidders have not shown interest in the airline.

Stock market highlights: The Sensex and Nifty turned choppy in the afternoon trade on Thursday, after trading higher in the late morning. The Sensex ended 50 points down to 38,981.43, while the Nifty is closed below the 11,750-mark. Jet Airways shares closed 12% lower at 134.85 after reports indicated that bidders have not shown interest in the airline. Yes Bank shares closed 3.5% higher at Rs 173.80, while Powergrid shares ended 1.9% higher at Rs 189, to emerge among the biggest Sensex gainers.

Asian markets marked time on Thursday with two major centres – Japan and China – shut for holidays while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.1 percent, trading in a tight band. Australian shares slipped 0.7 percent while New Zealand was up 0.4 percent and South Korea’s Kospi index added 0.1 percent, Reuters reported.

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Highlights

The Sensex and Nifty turned choppy in the afternoon trade on Thursday, after trading higher in the late morning. The Sensex ended 50 points down to 38,981.43, while the Nifty is closed below the 11,750-mark. Jet Airways shares closed 12% lower at 134.85 after reports indicated that bidders have not shown interest in the airline. Yes Bank shares closed 3.5% higher at Rs 173.80, while Powergrid shares ended 1.9% higher at Rs 189, to emerge among the biggest Sensex gainers. A look at live Sensex heatmap.

Shares of debt-ridden private sector carrier Jet Airways plunged to a fresh 10-year low on Thursday morning, after a media report indicated that bidders have remained uninterested in following up on their bids. Jet Airways share price plunged by more than 20% to hit the day’s low at Rs 122. According to a report by the Economic Times, bidders for the private sector carrier so far remain uninterested in following up on their expressions of interest, dealing a major blow to the early revival of the airline.

Afteropening lower, the Sensex and Nifty are recovered in the morning trade on Thursday morning. The Sensex is up about 108 points to 39,139.14, while the Nifty is trading above the 11,750-mark. Jet Airways share price plunged by more than 20% to hit a 10-year low at Rs 122. A look at LIVE Sensex heatmap.

10:22 (IST)02 May 2019

What will sway the market today: Crude oil prices, Qaurterly earnings and other key things to watch out for

Indian headline indices- Sensex and Nifty opened lower on Thursday morning amid weak global cues. Indian stocks markets were closed on Wednesday due to labour day in Maharashtra. The SGX Nifty ended down at 11,780.50 points, lower by 68.50 points. Today, while the Sensex is trading lower at 38,956.99, down 74.56 points, Nifty is also trading in red at 11,722.50 level, down by 0.22% points. We take a look at the key things which will drive the market today.

Hero MotoCorp has decided to speed up launches of both scooters and premium bikes to fill product gaps that are hurting margins and market share. The Gurgaon-headquartered firm will hike capital expenditure, almost doubling it to `1,500 crore in 2019-20, and overhaul its dealer network. Funds will be used to develop products, commission the Andhra Pradesh plant and add BS-VI engine lines. The company, at present, has a dismal 9% market share in the scooters space while sales of premium bikes account for less than 2% of the market.

Online marketplace for trucking BlackBuck has raised $150 million in a new funding round led by Goldman Sachs Investment Partners and Silicon Valley-based Accel Partners. This takes the total amount of funds raised by the company to over $230 million. Other new investors include Wellington, Sequoia Capital, B Capital and LightStreet. The round also saw participation from existing investors Sands Capital and International Finance Corporation, the investment arm of the World Bank.

The Sensex and Nifty are likely to opened lower on Thursday morning, tracking weak global cues. The Sensex is down about 64 points to 38,968.28, while the Nifty is trading below the 11,750-level. Maruti Suzuki shares are trading 1.4% lower at Rs 6,567.15, while IndusInd Bank shares are down by nearly 1% to Rs 1,593, to emerge among the biggest Sensex gainers. A look at LIVE Sensex heatmap.

09:19 (IST)02 May 2019

Victory for RBI: Madras HC sets aside its single-judge order on NBFC registration

In a victory to Reserve Bank of India (RBI), a division bench of the Madras High Court has set aside a single judge order that ordered restoration of Certificate of Registration (CoR) of non-banking financial companies (NBFC) cancelled by the central bank for non-compliance of the enhanced net owned fund (NOF) norms.The bench also directed the NBFCs to approach the appellate authority within 30 days and raise their concerns to get the greivances redressed.

Lenders to take 52% haircut as Patanjali’s resolution plan for Ruchi Soya gets the go-ahead

With the committee of creditors (CoC) having approved Patanjali Ayurved’s Rs 4,350 crore resolution plan for Ruchi Soya, another resolution of a troubled business appears to be in sight. In this instance, lenders have agreed to a 52% haircut on the admitted claims. The CoC is expected to place the resolution plan before the National Company Law Tribunal (NCLT) for its approval before May 7. The Patanjali plan proposes a `115-crore infusion into Ruchi Soya. Patanjali’s proposal for Ruchi Soya, currently in the midst of the corporate insolvency resolution process (CIRP), received a 96% approval from CoC following a vote that concluded at 8 pm on Tuesday.

In Beverly Hills, the chicken Caesar salad costs $25.95. Stephen Schwarzman, with a net worth of $14.3 billion, could buy one for all 329 million people in the U.S. today — and then do so again tomorrow for 222 million of them. The wealth on display this week at the annual Davos-style conference organized by Michael Milken, once of junk-bond fame, is capturing a moment in our age of growing inequality. For the first time in Milken Institute Global Conference’s two-decade-plus history, Schwarzman and the other billionaires and mere multimillionaires here find themselves confronting uncomfortable questions about the source of their wealth: modern American capitalism itself. That chicken Caesar at the Beverly Hilton? The price breaks down to almost four hours of work at the federal minimum wage.

Oil caught between pillar and post as U.S. output hits record but market tensions grow

Oil prices were caught between opposing forces on Thursday, squeezed by record U.S. crude oil output and surging stockpiles, but supported by global market tensions as all exemptions to U.S. sanctions on Iran expired, Venezuela’s crisis escalated, and producer club OPEC withheld supply. Spot Brent crude oil futures were at $72.15 per barrel at 0142 GMT, 4 cents below their last close. U.S. West Texas Intermediate (WTI) crude futures were virtually unchanged from their last settlement, at $63.58 per barrel.

Asian markets marked time on Thursday with two major centres – Japan and China – shut for holidays while the dollar held on to overnight gains after the U.S. central bank poured cold water on rate cut expectations. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.1 percent, trading in a tight band. Australian shares slipped 0.7 percent while New Zealand was up 0.4 percent and South Korea’s KOSPI index added 0.1 percent. E-Mini futures for the S&P 500 were unchanged. Trading in Japan will resume next Tuesday while China will be back in action on Monday.